Download - Buyers & Sellers Survey

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Real Estate Board of Greater Vancouver Fraser Valley Real Estate BoardBuyers & Sellers Survey

January 2009

REBGV & FVREB - Buyers and Sellers Survey

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Executive Overview

The Real Estate Board of Greater Vancouver and the Fraser Valley Real Estate Board commissioned Mustel Group to conduct a survey of 2008 residential home buyers and home sellers. We thank the Real Estate Foundation of BC for providing funding. A similar survey was conducted in 2006 by the REBGV. Highlights from the survey of 1,100 buyers and sellers (705 from Greater Vancouver and 395 from Fraser Valley) include:

Characteristics of Home Purchased/ Sold

Just over half of respondents (52% in Greater Vancouver and 56% in Fraser Valley) both bought and sold a home or property in 2008. Approximately four-in-ten only bought and 10% or less only sold.A total of 22% in Greater Vancouver were first-time home owners (down from 31% in 2006). A slightly higher proportion of Fraser Valley home buyers (in comparison to Greater Vancouver) were first-time purchasers (26%) which may indicate a shift from Greater Vancouver to the Fraser Valley of these buyers.Approximately 10% of home buyers in both regions bought a new home. Among those who bought a new home, 53% in Greater Vancouver and 65% in the Fraser Valley purchased the home pre-completion.Most homes bought and sold in both regions were a principal residence rather than vacation home, investment property or second home.The majority paid about what they expected with 31% in Greater Vancouver and 23% in Fraser Valley paying more. Furthermore, the majority sold for about what they expected with 29% in Greater Vancouver and 23% in Fraser Valley selling for less than anticipated. But note that one-in-five sold for more.In the Greater Vancouver area, 74% own one home or property, 18% own more than one, and 7% do not own any (sold in 2008 but are now renting). Note that in 2006 this group was too small to measure. In the Fraser Valley area, 82% own one property, 15% own more than one and 3% have sold but not purchased.


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Executive Overview (cont’d)

Decision Criteria

Those who both bought and sold real estate in 2008 were primarily driven by the need for more or less space. A change in location and desire for a different style of home were secondary reasons.A desire for home ownership and investment potential are the additional motivators among those who onlybought (and did not sell) in 2008.Concern about falling market values was a key reason for selling among those who only sold but did not buy.Proximity to such amenities as shops, grocery stores and medical facilities is the most common factor considered in selecting neighbourhoods, particularly among condominium, townhome or duplex buyers. Secondary considerations include proximity to transit, work, schools, and parks or green space. Furthermore, approximately one-third of Greater Vancouver buyers and one-in-five Fraser Valley buyers report to have paid more for their homes to be closer or within walking distance to amenities such as public transit, shops and schools. Apart from price, other factors considered in the selection of their home include, the style of home, followed by the size (with the majority desiring a larger home). The number of bedrooms and the condition of the home are other important considerations. “Green” features are considered by one-in-ten.The size of home is the most common characteristic buyers will compromise to afford their home. A number of other features are also mentioned but note that 44% in Greater Vancouver and 52% in the Fraser Valley did not make any compromises.


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The Home Search Process

More than nine-in-ten used a REALTOR® to buy or sell their homes, with no significant change in Greater Vancouver since 2006.Among those who both bought and sold a home, 83% in Greater Vancouver (up from 73% in 2006) used the same REALTOR®. The proportion using the same representative was lower in the Fraser Valley (68%).The primary reason for using a different REALTOR® is knowledge of the area. Dissatisfaction with the initial REALTOR® and a number of other reasons are also given.Referral by a friend or family member is the predominant way buyers and sellers first learned about their REALTOR®.Regardless of whether the REALTOR® was used to buy or sell their home, the key quality in their selection of a REALTOR® is the honesty or integrity of the representative. Other considerations include knowledge of the local area and market conditions.The majority of those who used a REALTOR® were at least ‘somewhat’ satisfied overall with their representative, with those who used the same representative for both buying and selling expressing the highest level of satisfaction.As found in 2006 in Greater Vancouver, dissatisfaction is highest among those who used a different representative to sell their home, with 22% being dissatisfied in contrast to 5-6% of those using a different representative for buying their home or same representative for both. This pattern is not as evident in the Fraser Valley.Those satisfied with their experience commonly use descriptions such as ‘professional’, ‘hard working’, ‘listened to me’, and ‘supportive’ when probed for reasons for their satisfaction rating.Lack of professionalism, a concern about honesty and lack of responsiveness (“did not listen to me”) are the key reasons for dissatisfaction.


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The Home Search Process (cont’d)

Almost nine-in-ten sellers believed they received at least ‘somewhat’ good value relative to the fees they paid, with half reporting ‘very’ good value. These findings represent an improvement over 2006 ratings in Greater Vancouver.The most valuable services provided by their REALTOR® include locating the most suitable neighbourhood, and placing or negotiating offers. Approximately one-in-ten believe their REALTOR® did not explain their roles and responsibilities to them with this level slightly higher among Greater Vancouver buyers who used a different representative to buy their home.Just over half claim to be aware of the consumer protection available through using a professional REALTOR®. First-time buyers are less inclined to be aware (44% aware).A REALTOR® and MLS®® listings on the Internet are the most common ways home buyers first learned about the home they bought.MLS®® listings on the Internet were most commonly used to market homes for sale, followed at some distance by REALTOR® client lists, open-houses and newspaper ads.The Internet, followed by a REALTOR® are the most useful sources of information about homes for sale. Email is the most commonly preferred method of receiving information by buyers who used a REALTOR®.Telephone calls and in-person are the next most preferred ways (except among seniors who tend to prefer these methods over e-mail).


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Financing

Equity from the sale of a previous home, followed by personal savings are the most frequently reported sources of downpayment.An average of just over 50% of the purchase price was financed, this proportion being relatively consistent with 2006 findings in the Greater Vancouver region.Approximately 15% financed their property transfer tax, most commonly through borrowing or taking a loan from their financial institution.

Future Plans

Approximately one-quarter (down from one-third in Greater Vancouver in 2006) intend to buy or sell a home or property in the next five years or so.The majority expect that prices will decrease in 2009. Approximately one-quarter believe they will stay the same and less than 10% predict an increase.


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Demographic Profile of Buyers and Sellers

Key characteristics of buyers and sellers include:

Buyers tend to be younger than sellers with just over half of buyers being less than 45 years of age whereas just over half of sellers are 45 years of age or older.The majority (over seven-in-ten) buyers and sellers are married or living common-law.The average household size is 2.7. In the Fraser Valley buyer households tend to be slightly larger (3.0).Close to 70% of buyers and 65% of sellers in Greater Vancouver have obtained a university degree or college diploma in contrast to about 50% of Fraser Valley buyers/sellers.A slightly higher proportion of buyers than sellers are employed. Also note that the employment rate is higher in Greater Vancouver than in the Fraser Valley area, with no significant change since 2006.Only one-third of Greater Vancouver home buyers were born in B.C. The proportion is slightly higher in the Fraser Valley (about 40%).A language other than English is spoken in the homes of 15% of buyers in both regions and 10% of sellers in Greater Vancouver and 7% of sellers in the Fraser Valley. Punjabi is the most common alternate language in the Fraser Valley.Approximately 8% of households have extended family living with them.Greater Vancouver buyers and sellers report a range of household incomes, whereas Fraser Valley consumers are skewed towards those earning $90,000 or less per year.


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Research Objectives and Methodology

The Real Estate Board of Greater Vancouver and Fraser Valley Real Estate Board commissioned Mustel Group to conduct a survey of 2008 residential home buyers and home sellers with the primary objectives to:

Profile home sellers and buyers with respect to demographic and housing characteristics;Assess the experience of buyers and sellers in the housing market; Determine factors that effect purchase decisions; andDetermine financing sources and habits.

A total of 1,100 interviews were conducted by telephone with a random selection of residents who had either bought or sold a home or residential property in 2008. A total of 705 interviews were conducted in the Greater Vancouver region and 395 were completed in the Fraser Valley region (reflecting the actual distribution of sales).

The sample frame of potential buyers/sellers was obtained through the telephone directory. Several steps were taken to insure the final sample would be representative of all buyers and sellers including:

Random selection of households contacted from the sample frame;Random selection of individual interviewed if more than one adult in household was involved in the buying and/or selling process;Up to 6 attempts to obtain an interview with the selected household/individual to minimize potential bias due to non-response.


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Research Objectives and Methodology (cont’d)

The margin of error on the total sample and board region samples at the 95% level of confidence are as follows;

Total Sample: +/-2.9 %Greater Vancouver: +/-3.7%Fraser Valley: +/-4.9%

The margin of error is larger in the sub-samples within each region.

Interviewing was completed January 5-23, 2009 weekday evenings and during the day on Saturday from Mustel Group’s CATI (computer assisted telephone interviewing) centre located in Vancouver.

A pretest of the survey was conducted prior to interviewing. The questionnaire administered is appended to the report.

Note that comparisons are made throughout the report where possible to the 2006 survey conducted on behalf of the Real Estate Board of Greater Vancouver.

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Key Findings

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Characteristics of Home Purchased/Sold


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Bought or Sold Home/Property

• Just over half of respondents in both the Greater Vancouver and Fraser Valley Real Estate Board regions both bought and sold a home or property in 2008.

• Approximately four-in-ten onlybought and 10% or less onlysold a home or property.

• In comparison to 2006 in the Greater Vancouver area, the proportion who have only bought has decreased (to 38% from 44%) with an increase in the proportion who only sold (to 10% from 2%).

Base: 2006 Vancouver (n=1,000)2008 Vancouver (n=705)2008 Fraser Valley (n=395)

Q.I Did you buy or sell a home or residential property in 2006?

2006Greater Vancouver

Only sold2%

Only bought44%

Both bought and sold

54%


Only sold10%

Only bought38%


52%

2008Fraser Valley

Only sold5%

Only bought39%


56%


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First-Time Home Buyer

• The proportion of first-time home buyers has declined in Great Vancouver to 22% in 2008 from 31% in 2006.

• A slightly higher proportion of Fraser Valley home buyers are first-time purchasers (26%) which may indicate a shift from Greater Vancouver to the Fraser Valley of these buyers.


Yes31%

No69%

Base: Total bought 2006 Vancouver (n=978)2008 Vancouver (n=631)2008 Fraser Valley (n=376)

Q.1) Are you a first-time home buyer?


Yes22%

No78%

2008Fraser Valley

Yes26%

No74%


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Characteristics of First-Time and Repeat Buyers

• First-time home buyers are more inclined to be young (under 45 years of age) and with children, in comparison to repeat buyers.

• These characteristics of first-time buyers in Greater Vancouver have not changed significantly since 2006.



2008Fraser Valley

First-timeBuyers(302)

%

RepeatBuyers(676)

%


%

RepeatBuyers(491)

%

First-timeBuyers

(99)%

RepeatBuyers(277)

%GenderMale 41 39 39 43 52 47Female 59 61 61 57 48 53Age18-34 years 48 14 49 14 47 1235-44 36 29 34 32 27 2945-54 12 24 12 22 18 1955-64 3 16 1 17 5 2065 + years <1 16 3 14 2 19Household SizeOne 16 21 12 20 10 16Two 30 35 32 29 25 40Three 29 18 29 19 22 10Four or more 25 26 26 31 42 34

Average 2.8 2.6 2.8 2.8 3.3 2.9Children Under 18 yearsYes 47 38 49 43 54 42

Under 10 years 39 31 42 33 41 3410-17 14 17 15 17 21 18

No 53 62 51 57 46 58

continued…


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Characteristics of First-Time and Repeat Buyers (cont’d)

• First-time home buyers also are more likely than repeat buyers to be new to the region and from low income households with no significant differences from two years ago in Greater Vancouver.

• Buyers in Greater Vancouver were less inclined in 2008 to have come from China but more likely to have come from other parts of the world, with the most notable influx from Central and South America .



2008Fraser Valley


%

RepeatBuyers(676)

%


%

RepeatBuyers(491)

%

First-timeBuyers

(99)%

RepeatBuyers(277)

%BirthplaceVancouver 14 18 14 23 14 23Other BC 14 13 11 13 21 18Other Canada 21 31 21 32 22 27Europe 12 16 9 12 7 16United States 2 4 3 4 1 1China 12 7 7 3 - 1Middle East 8 1 8 2 2 -Philippines 6 3 9 1 5 1India/ Pakistan 2 1 4 1 10 5Other Asia 3 2 5 - 5 1Caribbean/Mexico/Central/South America 1 1 5 2 4 3

Other 4 2 3 3 5 4Refused 1 2 1 3 3 1# of years lived in RegionBorn in region 14 18 14 23 14 23Less than 10 years 57 25 58 27 38 2310-29 years 23 32 22 24 30 2730 years or more 5 23 5 23 13 26Household IncomeLess than $60,000 26 18 24 15 31 21$60,000 - $89,999 28 23 32 20 31 28$90,000 - $119,999 22 20 16 15 19 15$120, 000 or more 12 22 14 26 6 14Refused 12 17 14 24 12 22



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Characteristics of First-Time and Repeat Buyers (cont’d)

• First-time home buyers also are more likely than repeat buyers to have purchased a home in Vancouver or Burnaby/New Westminster, and in Surrey and to have paid less than $500,000.

• Reflecting the increase in prices from 2006, the purchase prices among both first-time and repeat buyers is higher in 2008 in Greater Vancouver. For example, 37% of first-time buyers in 2006 paid less than $300,000. This level decreased to 19% in 2008 with a corresponding increase in $300,000 to $499,999 buyers (37% to 53%).



2008Fraser Valley


%

RepeatBuyers(676)

%


%

RepeatBuyers(491)

%

First-timeBuyers

(99)%

RepeatBuyers(277)

%Location of Home PurchasedVancouver 32 26 29 29Tri-Cities 15 16 18 18 - -Richmond 12 14 9 9 - -Burnaby/ New Westminster 25 15 27 15 - -North Shore 9 14 6 13 - -Maple Ridge/ Pitt Meadows 4 9 8 8 - -Other REBGV 2 4 4 7 - -Fraser Valley Real Estate Board Area - - - -

Surrey - - - - 48 35Abbotsford - - - - 20 26Langley - - - - 14 22Mission - - - - 12 7North Delta - - - - 3 3White Rock - - - - 1 5Purchase PriceLess than $300,000 37 17 19 8 32 19$300,000 - $499,999 37 35 53 27 53 42$500,000 - $699,999 13 25 16 29 6 23$700,000 - $999,999 2 11 5 18 3 8$1 Million or more 4 7 3 11 - 3Refused 5 6 5 7 6 5



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Purchased a New Home or a Resale

• Approximately one-in-ten bought a new home.

• A higher proportion of Greater Vancouver buyers of condos and townhouses or duplexes have purchase new in contrast to single home buyers (12% compared to 7%).

• The opposite is found in the Fraser Valley (5% of multi-family home buyers have bought new in contrast to 12% of single home buyers).


New home7%

Resale93%


Q.2) Did you buy a new home or a resale?


New home10%

Resale90%

2008Fraser Valley

New home9%

Resale91%


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Purchased New Home as a Pre-Sale or Pre-Completion

• Among those who bought a new home, 53% in Greater Vancouver and 65% in the Fraser Valley purchased the home pre-completion.

• Note the results in Greater Vancouver are not statistically different from 2006 due to the limited base size of new home buyers.

Base: Total bought new 2006 Vancouver (n=70)2008 Vancouver (n=62)2008 Fraser Valley (n=34)

Q.3) Did you purchase the home as a pre-sale or pre-completion?


Refused1%

Yes60%

No39%


Refused5%

Yes53%

No42%

2008Fraser Valley

Yes65%

No35%


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• In 2006 in the Greater Vancouver region, equal proportions of home buyers purchased a condominium apartment and a detached single-family home. The 2008 survey found a slight increase in purchase of detached single family homes (to 44% from 38%). The majority (57%) purchased a multi-family dwelling.

• In the Fraser Valley region, the opposite it true with 56% purchasing a single family dwelling.

• Most (99%) reported that the home purchased is a principal residence rather than vacation home, investment property or second home.

Type of Home Bought


Q.4) What type of home did you buy in 2006?

39%

38%

20%

3%

1%

<1%

<1%

Condominium apartment

Detached single-family

Townhouse

Duplex

Mobile/ manufactured home

In-fill (garden cottage or coachhouse)

Hotel strata unit (fractionalshare)

37%

44%

16%

4%

0%

0%

0%

19%

56%

21%

2%

1%

0%

0%



2008Fraser Valley


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• Detached single family home buyers in Greater Vancouver are more inclined than buyers of other housing types to be:

• Repeat buyers• Spend $500,000 or more• 35-54 years of age• Married or living common-law• Have children• Have a household income of

$90,000 or more

• Condo buyers are more inclined than other buyers to be:

• First-time buyers• Spend less than $500,000• A range of ages but with a higher

proportion of older buyers• Single, divorced or separated• Without children• Household income less than $90,000

• Townhouse buyers like condo buyers are more inclined to be first-time buyers, but are more similar to single family buyers than condo buyers in all respects except that they are younger and less affluent.

Characteristics of Greater Vancouver Buyers by Housing Type

Greater Vancouver Buyers

Detachedsingle family

(275)%

Condominiumapartment

(231)%

Townhouse(102)

%BoughtFirst-time buyer 13 29 31Repeat buyer 87 71 69Purchase priceLess than $300,000 1 24 6$300,000 to $499,999 14 47 58$500,000 to $699,999 35 13 27$700,000 to $999,999 26 7 4$1 million and over 18 2 1Age18-34 years 18 23 3235-44 44 20 3145-54 24 18 1455-64 9 15 2065 + years 5 23 3Marital statusMarried/ common law 88 48 79Single/divorced/separated 11 50 19Household sizeOne 2 41 14Two 20 39 32Three 26 11 28Four or more 52 8 26Children under 18 yearsYes 68 17 48No 32 81 52Household incomeLess than $60,000 9 29 15$60,000 to less than $90,000 19 28 22$90,000 to less than $120,000 16 9 23$120,000 or more 34 12 22Refused 22 22 20



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• Detached single family home buyers in Fraser Valley are more inclined than buyers of other housing types to be:

• Repeat buyers• Spend $300,000 or more• 35-44 years of age• Married or living common-law• Have children• Have a household income of

$90,000 or more

• Condo buyers are more inclined than other buyers to be:

• First-time buyers• Spend less than $300,000• A range of ages but older than buyers of single family homes• Single, divorced or separated• Without children• Household income less than $90,000

• Townhouse buyers in the Fraser Valley are more similar to single family buyers than condo buyers except they are less affluent and less inclined to have children.

Characteristics of Fraser Valley Buyers by Housing Type

Fraser Valley BuyersDetached

single family(209)

%


(71)%

Townhouse(79)%

BoughtFirst-time buyer 23 38 24Repeat buyer 77 62 76Purchase priceLess than $300,000 5 73 22$300,000 to $499,999 46 16 70$500,000 to $699,999 30 4 4$700,000 to $999,999 9 - 1$1 million and over 3 - -Age18-34 years 24 20 1835-44 37 16 2045-54 18 18 2055-64 12 23 2065 + years 8 24 22Marital statusMarried/ common law 87 49 71Single/divorced/separated 12 51 29Household sizeOne 3 38 19Two 30 45 47Three 15 14 9Four or more 52 3 25Children under 18 yearsYes 58 18 34No 42 82 66Household incomeLess than $60,000 15 47 27$60,000 to less than $90,000 29 25 30$90,000 to less than $120,000 21 6 10$120,000 or more 16 4 11Refused 20 18 22



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• As noted in 2006, there is a shift from single family to multi-family dwellings in Great Vancouver, with a slightly higher proportion that have sold rather than bought a single family home (49% sold compared to 44% purchasing).

• This pattern is not as evident in the Fraser Valley region (58% sold compared to 56% purchasing single family dwellings).

Type of Home Sold

Base: Total sold 2006 Vancouver (n=556)2008 Vancouver (n=440)2008 Fraser Valley (n=241)

Q.4) What type of home did you sell in 2006?

45%

33%

17%

3%

0%

2%

<1%

<1%

Detached single-family

Condominium apartment

Townhouse

Duplex

Infill (garden cottage or coach house)

Mobile/ manufactured home

Hotel strata unit (full ownership)

Refused

49%

31%

18%

3%

0%

0%

0%

0%

58%

17%

21%

2%

1%

0%

0%

0%



2008Fraser Valley


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• Over half (57%) of those in Greater Vancouver who sold a detached single family home bought the same type of home, with 26% purchasing a condo and 12% a townhouse.

• Under half (48%) of condo sellers bought another condo, with 28% purchasing a detached home and 20% a townhouse.

• Townhouse sellers are more inclined to buy a detached home (51%) than another townhouse (22%) or condo (25%).

• Demographic characteristics of each group of sellers are similar to the buyers with the exception that sellers are less inclined to have children under 18 years of age. Detached single family sellers also tend to be older than those buying this type of home.

Characteristics Greater Vancouver Sellers by Housing Type

Greater Vancouver Sellers

Detachedsingle family

(180)%


(107)%

Townhouse(72)%

Type of Home BoughtDetached single family 57 28 51Condominium apartment 26 48 25Townhouse 12 20 15Purchase priceLess than $300,000 6 9 4$300,000 to $499,999 18 25 23$500,000 to $699,999 21 28 32$700,000 to $999,999 18 8 23$1 million and over 13 4 4Age18-34 years 8 20 2135-44 29 31 3645-54 22 18 1455-64 18 12 1965 + years 21 18 10Marital statusMarried/ common law 70 57 85Single/divorced/separated 29 41 15Household sizeOne 21 31 12Two 23 31 40Three 15 22 21Four or more 39 15 28Children under 18 yearsYes 44 33 47No 53 66 53Household incomeLess than $60,000 19 20 10$60,000 to less than $90,000 16 22 32$90,000 to less than $120,000 15 16 15$120,000 or more 23 22 22Refused 27 20 21

Q.4) What type of home did you sell in 2008?


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• The majority (69%) of those in the Fraser Valley who sold a detached single family home bought the same type of home, with 6% purchasing a condo and 21% a townhouse.

• Condo and townhouse sellers tend to have bought a single family home although sizeable groups bought a condo or townhouse as well.

• As in Greater Vancouver, the demographic characteristics of each group of sellers are similar to the buyers with the exception that sellers are less inclined to have children under 18 years of age. Detached single family sellers also tend to be older than those buying this type of home.

Characteristics of Fraser Valley Sellers by Housing Type

Fraser Valley SellersDetached

single family(127)

%

Condominiumapartment*

(39)%

Townhouse(46)%*

Type of Home BoughtDetached single family 69 39 46Condominium apartment 6 28 22Townhouse 21 33 26Purchase priceLess than $300,000 7 23 24$300,000 to $499,999 39 55 37$500,000 to $699,999 24 15 20$700,000 to $999,999 10 3 2$1 million and over 4 - -Age18-34 years 9 25 2035-44 26 20 2645-54 19 25 1055-64 20 18 2065 + years 26 13 26Marital statusMarried/ common law 77 60 74Single/divorced/separated 21 40 16Household sizeOne 14 35 12Two 44 30 53Three 9 10 6Four or more 34 25 29Children under 18 yearsYes 39 35 39No 61 65 61Household incomeLess than $60,000 19 33 26$60,000 to less than $90,000 24 33 22$90,000 to less than $120,000 14 15 14$120,000 or more 14 13 20Refused 30 8 20

Q.4) What type of home did you sell in 2008? * Interpret with caution due to small base size


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Location of Home/ Property Purchased or Sold – Greater Vancouver Real Estate Board Area Residents

• Among those currently residing in the Greater Vancouver Real Estate Board area, approximately three-in-ten bought or sold homes or property in the City of Vancouver, similar to 2006.

• The Tri-Cities, Richmond and Burnaby accounted for 10-18% of transactions.

• Note that 10% of Great Vancouver residents sold property outside the board area (4% sold in the Fraser Valley board area and 6% in other parts of BC or Canada).

Greater Vancouver

2006 2008

TotalBought(978)

%

TotalSold

(556)%

TotalBought(631)

%

TotalSold

(440)%

Greater Vancouver Real Estate Board Area 99 85 99 90

City of Vancouver 28 26 29 32Tri-Cities 16 14 18 12Richmond 14 13 9 10Burnaby 13 10 12 10North Vancouver 9 8 9 9Maple Ridge 6 4 6 5New Westminster 5 3 6 4West Vancouver 3 3 3 2Pitt Meadows 2 1 1 1Squamish 2 1 2 1Sunshine Coast 1 1 2 2Bowen Island 1 <1 <1 -

South Delta, Ladner & Tsawwassen 1 <1 3 1

Gulf Islands <1 - - -Whistler <1 <1 - <1

Fraser Valley Real Estate Board Area <1 6 1 4

Other BC 1 5 - 3Other Canada - 3 - 3Q.6) Where is the [home/ property] you bought?Q.6) Where is the [home/ property] you sold?


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Location of Home/ Property Purchased or Sold- Fraser Valley Real Estate Board Area Residents

• In the Fraser Valley Real Estate Board area, approximately 40% of purchases were made in Surrey.

• A total of 29% of current residents sold property outside the board region (12% in the Great Vancouver area and the remaining in other parts of BC or Canada).

Fraser Valley

2008Total

Bought(376)

%

TotalSold

(241)%

Greater Vancouver Real Estate Board Area 1 12

Fraser Valley Real Estate Board Area 99 72

Surrey 39 29Abbotsford 25 19Langley 20 13Mission 8 5North Delta 3 3White Rock 4 2Other BC 0 10Other Canada 0 5Q.6) Where is the [home/ property] you bought?Q.6) Where is the [home/ property] you sold?


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7%

74%

12%

6%

1%

0

1

2

3 or more

Refused

Number of Homes Owned

• In the Greater Vancouver area, 74% own one home or property, 18% own more than one, and 7% do not own any (sold in 2008 but are now renting). Note that in 2006 this group was negligible.

• In the Fraser Valley area, 82% own one property, 15% own more than one and 3% have sold but not purchased.

Base: 2008 Total Vancouver (n=705)Fraser Valley (n=395)

Q.7) How many homes including vacation and investment property do you own?

3%

82%

12%

3%

1%

Greater Vancouver Fraser Valley


28

Purchase Price of Homes Bought

• Reflecting price increases over the past two years, only 36% paid $500,000 or more for their home in the Greater Vancouver area in 2006; this level increased to 50% in 2008.

• The most common price range in the Fraser Valley area is $300,000 to $499,999 with 45% purchasing in this range.


2006Total

Bought(978)

%

2008Total

Bought(631)

%

2008Total

Bought(376)

%

Less than $300,000 23 10 22

$300,000 to $499,999 36 33 45

$500,000 to $699,999 22 26 19

$700,000 to $999,999 8 15 7

$1,000,000 or more 6 9 2

Refused 6 7 6

Q.8) How much did you pay for your home?


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Amount Home Was Sold For

• Similarly, 34% sold their home for $500,000 or more in 2006, with this level increasing to 51% in 2008.


2006TotalSold

(556)%

2008Total

Bought(440)

%

2008Total

Bought(241)

%

Less than $300,000 26 13 23

$300,000 to $499,999 33 30 39

$500,000 to $699,999 20 26 21

$700,000 to $999,999 8 15 7

$1,000,000 or more 6 10 4

Refused 7 8 7

Q.8) How much did you sell your home for?


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Purchase Price Relative to Expectations

• The majority paid about what they expected with 31% in Greater Vancouver and 23% in Fraser Valley paying more. 31%

54%

13%

2%

Base: 2008 Total BoughtVancouver (n=631)Fraser Valley (n=367)

Q.8b) Did you pay less, more or about what you expected to pay?

More

About what you expected

Less

Don't know

23%

58%

16%

3%


2008Fraser Valley


31

Selling Price Relative to Expectations

• The majority also sold for about what they expected with 29% in Greater Vancouver and 23% in Fraser Valley selling for less than anticipated. But note that one-in-five sold for more.

18%

51%

29%

2%

Base: 2008 Total SoldVancouver (n=440)Fraser Valley (n=241)

Q.8b) Did you sell your home for more , less or about what you expected to pay?

More

About what you expected

Less

Don't know

20%

57%

23%

<1%


2008Fraser Valley

32

Decision Criteria


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Main Reasons For Buying/Selling Home

• Those who both bought and sold in 2008 were primarily driven by changing needs in terms of size. A change in location and desire for a different style of home were secondary reasons.

Q.9) What were your main reasons for selling and buying a home?

41%

23%

11%

10%

10%

4%

4%

3%

1%

1%

3%

<1%

<1%


2008Fraser Valley

Base: Total Bought and Sold2008 Vancouver (n=366)2008 Fraser Valley (n=222)

Upsizing

Downsizing

Wanted a change of location/area/closer to amenities, school, public transit etc.

Wanted different style of home

Work location changed/be closer to work

Change of lifestyle/divorce

Be closer to family/friends

Investment potential/change in market value

Didn't like it/time to move

Wanted to keep my equity/concerned about falling market value

Wanted a yard/garden

Miscellaneous

Refused

36%

22%

11%

6%

14%

5%

7%

2%

1%

1%

1%

3%

--


34

Main Reasons For Buying Home (if Only Bought)

• A desire for home ownership, investment potential, upsizing, and a desire to reside in a different area (e.g., closer to amenities, closer to work) are the key motivators among those who only bought in 2008 (and did not sell property).

35%

17%

21%

12%

7%

5%

4%

3%

2%

4%

7%

<1%

<1%

Base: 2008 Total bought Vancouver (n=265)Fraser Valley (n=154)

Q.9) What were your main reasons for buying your home?


2008Fraser Valley

Wanted to own

Upsizing

Investment potential/ change in market value

Wanted a change of location/ area/ closer to amenities, schools, public transit etc.

Work location changed/ be closer to work

Downsizing

Change of lifestyle/divorce

Wanted different style of home

Be closer to family/friends

Wanted a yard/garden

Didn't like it/time to move

Miscellaneous

Refused

36%

25%

16%

8%

7%

4%

4%

3%

1%

2%

5%

7%

--


35

Main Reasons For Selling Home (if Only Sold)

• In the Greater Vancouver area, concern about falling market values, followed by downsizing, upsizing, desire for change in location (e.g., to be close to work and/or other amenities) and change in lifestyle (e.g., divorce) are the main reasons for selling.

• In the Fraser Valley area, downsizing is the key reason. Concern about market values and change in location are secondary reasons.

32%

20%

16%

14%

12%

3%

3%

3%

5%

--


2008Fraser Valley

Base: Total sold 2008 Vancouver (n=74)2008 Fraser Valley (n=19)

Q.9) What were your main reasons for selling your home?

Wanted to keep my equity/ concerned about falling market value

Downsizing

Upsizing

Wanted a change of location/ area/ closer to amenities, schools, public transit etc.

Change of lifestyle/ divorce

Work location changed/ be closer to work

Didn’t like it/ time to move

Be closer to family/ friends

Other

Refused

21%

42%

5%

16%

5%

5%

11%

--

--

--


36

Important Factors in Selecting Neighbourhood Location

• Proximity to such amenities as shops, grocery stores and medical facilities is the most common factor considered in selecting neighbourhoods, particularly among condo and townhouse or duplex buyers.

• Secondary considerations include proximity to transit, work, schools, and parks or green space.

• The quietness of the neighbourhood, safety issues and proximity to friends or family are tertiary considerations.

Those who bought2006

Greater Vancouver(978)

%


(631)%

2008Fraser Valley

(376)%

Close to amenities i.e. shops, grocery stores 36 38 34Close to public transit 22 22 9Close to work/lessened commute time 22 22 19Close to schools 19 24 18

Close to parks and green space, including trails 18 13 11

Nice area/familiar with area 14 13 17

Quiet neighbourhood 13 6 8

Location (various) 13 7 7

Safety/less crime 13 14 18

Close to family/friends 12 15 18

Price/affordability 9 2 5

Close to water (rivers, lakes, ocean) 6 5 3

Condition/quality of property 6 1 1

Close to recreation facilities 5 7 4

Square footage/living area 3 <1 1

View (various) 3 1 1

Quality of schools 3 4 5

Lot size/yard 3 1 1

Investments potential 3 1 1

Lessened or no need to use vehicle 2 2 -

Close to farmland - <1 2

Miscellaneous 1 1 1

Refused 2 4 9

Q.10) What were the tree most important factors you considered in selecting your neighbourhood location?


37

Paid More for Home to be Closer to Amenities

• Consistent with other findings, approximately one-third of buyers in Greater Vancouver report to have paid more for their home to be closer or within walking distance to such amenities as public transit, shops and schools, with the findings similar to those found in 2006. Condo and townhouse buyers were most likely to have paid more (43% having done so).

• The proportion tends to be lower in the Fraser Valley area; only one-in-five have paid more for this benefit increasing to 25% of multi-family unit buyers.


Q.11) Did you pay more for your home to be closer or within walking distance to such amenities as public transit, shops, and schools?


Refused5%

Yes34%

No60%


Refused5%

Yes36%

No58%

2008Fraser Valley

Refused3%

Yes21%

No76%


38

Most Important Factors in Selecting Home (Other Than Price)

• In terms of factors considered in the selection of their home, apart from price, the style of home, followed by the size (with the majority desiring a larger home) are the most common considerations.

• The number of bedrooms and condition of home (new, newly renovated, well maintained) are other important considerations.

• ‘Green’ features are also considered by one-in-ten.

Those who bought


(631)%

2008Fraser Valley

(376)%

Style of home 53 53

Size 38 35- upsizing (moving to a larger home) 30 26

- downsizing (moving to a smaller home) 7 9Number of bedrooms 19 15New property/newly renovated/low maintenance/well maintained/move in ready

13 13

Environmental/smart growth/green 9 10Lot size/yard 8 11Specific features included (in-suite W/D, fireplace etc) 8 9Good location/close to work/schools/family/friends 7 4Investment potential/value for money 6 6Quality of construction 5 4Nice area/familiar with area/good neighbourhood 4 6View (various) 4 1Close to amenities i.e. shops, grocery stores 3 2Secondary suite in home 2 3Interior receives lots of natural light/has lots of windows 1 1Safety/less crime 1 1Quality fixtures/finishings <1 -Miscellaneous 2 1No other factors/price only factor 4 5Refused 3 3

Q.12) Apart from the price, what were the three most important factors you considered in selecting your home? Anything else?


39

Characteristics Compromised to Afford Home

• The size along with a number of other features such as the condition of the home, lot size, and distance to work are characteristics of the home or neighbourhood that are compromised to afford the home purchased.

• Note that 43% in Greater Vancouver and 52% in Fraser Valley did not make any compromises.

2008

Great VancouverTotal

Bought(631)

%

Fraser ValleyTotal

Bought(376)

%Size of home 17 10

Condition of home 10 8

Lot size/ size of yard 7 9

Distance from work 7 6

Not in preferred neighbourhood/ city/ busier/ noisier area 7 5

Higher density neighbourhood 5 3

Distance from amenities i.e. shops, grocery stores, medical

facilities, transit3 1

Style of home/ layout 3 2

Specific features not included (in-suite W/D, fireplace,

balcony etc.)2 2

Distance from friends/ family 2 1

Distance from schools 1 3

Didn’t get the view I wanted 2 1

Miscellaneous <1 1

Did not make any compromises 43 52

Refused 6 5

Q.13) What characteristics of your home or neighbourhood did you compromise in order to afford your home?

40

The Home Search Process


41

Incidence of Using a REALTOR®

• Over nine-in-ten used a REALTOR®, to buy or sell their homes with no significant change in Greater Vancouver since 2006.

Base: Total bought 2006 Vancouver (n=978), 2006 Vancouver Total sold (n=556)Total bought 2008 Vancouver (n=631), Total bought 2008 Fraser Valley (n=376)Total sold 2008 Vancouver (n=440), Total sold 2008 Fraser Valley (n=241)Q.14a) Did you use a REALTOR® to buy your home? Q.14a) Did you use a REALTOR® to sell your home?

Yes94%No

6%

Yes94%No

6%


Yes97%

No3%

Yes95%

No5%


To Sell Home

Yes92%No

7%

Yes94%No

6%

2008Fraser Valley

To Buy Home


42

Used Same REALTOR® to Both Buy and Sell Home

• Among those who both bought and sold a home, 83% in Greater Vancouver (up from 73% in 2006) used the same REALTOR®.

• The proportion was lower in the Fraser Valley area with just 68% using the same representative.

Base: Total bought and sold and used REALTOR® for both 2006 Vancouver (n=478)2008 Vancouver (n=346)2008 Fraser Valley (n=194)Q.14b) Did you use the same realtor to both buy and sell your home?

Yes73%

No27%



2008Fraser Valley

Yes83%

No17%

Yes68%

No32%


43

Reasons Used Different REALTOR®

• The primary reason for using a different REALTOR® is knowledge of the area. Dissatisfaction with the initial REALTOR® and a number of other reasons are also given.

Base: Total used a different REALTOR® 2006 Vancouver (n=127)2008 Vancouver (n=58)2008 Fraser Valley (n=62)

Q.14c) Why did you use a different REALTOR®?

59%

11%

9%

8%

6%

0%

5%

8%

2%

Knowledge of the area

Was dissatisfied with initial REALTOR®

Used the listing representative

Had an established personal relationship/ friend/ family member

Sales experience/ track record

Saved money on commissions

No particular reason

Miscellaneous

Refused

64%

16%

7%

7%

14%

0%

0%

5%

2%



2008Fraser Valley

69%

5%

3%

8%

5%

6%

0%

5%

5%


44

Where First Learned About REALTOR® Used

• Referral by a friend or family member continues to be the predominant way buyers and sellers first learned about their REALTOR® regardless of whether they bought or sold a home.


Total used a REALTOR®

(966)%


Total used a REALTOR®

(682)%

2008Fraser ValleyTotal used a REALTOR®

(383)%

Referral 59 60 56- friend/ family member 56 57 53- other REALTOR® 3 2 2

Previously used same REALTOR® to buy or sell a

home8 10 12

Open house visit 8 8 8

Internet web-site 6 5 6

Media advertisement (e.g. newspaper) 5 3 6

Reputation 3 2 3

For sale sign 3 3 2

Walked into a real estate office and the REALTOR®

was on duty2 1 1

Realtor cold call 2 1 1

Mortgage broker 1 1 1

Direct mail (i.e. business card, brochure, flyer) 1 2 1

Promotional advertisement (e.g. calendar, pen etc.) 1 1 1

Yellow pages 1 - 1

Business or community event (e.g. Board of Trade) <1 - -

Miscellaneous <1 - 1

Don’t recall 1 1 2

Q.15) Where did you first learn about the REALTOR® that helped you buy and/ or sell your home?


45

Most Important Qualities/ Skills in Choosing REALTOR®

• The key quality in the selection of a REALTOR® in Greater Vancouver is the honesty or integrity of the representative.

• Other considerations include knowledge of the local area and the market conditions, and responsiveness.

Used two different REALTORS®

Greater Vancouver

Used same REALTOR®

(624)%

Forbuying home

(58)%

Forselling home

(58)%

Honesty, integrity and ethical behaviour 47 33 40Knowledge of the market and comparable homes for sale 33 26 36Knowledge of the local area 27 26 21Responsiveness 20 19 9Knowledge of the process of buying a home 11 14 12Negotiating skills 8 9 10Gut feeling/ compatibility/ like them 7 12 2Sales experience/ track record 4 10 16Knowledge about financing 4 2 2Had an established personal relationship/ friend/ family member 2 2 2

Professionalism 2 3 3Hard working 3 2 -Technology skills 2 3 -Positive referrals 1 - 2Miscellaneous 2 - -Nothing in particular/ don’t know 8 17 12

Q.16) What were the most important qualities and skills in choosing your REALTOR®?IF USED TWO DIFFERENT REALTORS®: What were the most important qualities and skills in choosing your REALTOR® to sell your home? What were the most important qualities and skills in choosing your REALTOR® to buy your home?


46

Most Important Qualities/ Skills in Choosing REALTOR®

• Honesty and integrity is also a key consideration among Fraser Valley consumers.


Fraser Valley

Used same REALTOR®

(321)%

Forbuying home

(62)%

Forselling home

(62)%

Honesty, integrity and ethical behaviour 46 42 37Knowledge of the market and comparable homes for sale 22 32 23Knowledge of the local area 17 31 26Responsiveness 23 21 11Knowledge of the process of buying a home 12 16 13Negotiating skills 5 3 6Gut feeling/ compatibility/ like them 7 3 2Sales experience/ track record 3 2Knowledge about financing 2 3 2Had an established personal relationship/ friend/ family member 4 2 5

Professionalism 2 - -Hard working 2 3 -Technology skills 2 2 -Positive referrals - 2 2Used the listing representative - - -Miscellaneous 1 15 -Nothing in particular/ don’t know 14 11 -

Q.16) What were the most important qualities and skills in choosing your REALTOR®?IF USED TWO DIFFERENT REALTORS®: What were the most important qualities and skills in choosing your REALTOR® to sell your home? What were the most important qualities and skills in choosing your REALTOR® to buy your home?


47

Overall Satisfaction With REALTOR®

Base: 2008 Total used same REALTOR® Vancouver (n=624), Fraser Valley (n=321)Total used two different REALTORS®: to buy home Vancouver (n=58), Fraser Valley (n=62) to sell home Vancouver (n=58), Fraser Valley (n=62)

Q.17) Overall how satisfied were you with your REALTOR®?IF USED TWO DIFFERENT REALTORS®: Overall how satisfied were you with the REALTOR® you used to sell your home? Overall how satisfied were you with the REALTOR® you used to buy your home?

72%

67%

60%

17%

21%

9% 7% 12% 10%

4

5

4

32

2

2

2

Totalsatisfied

90%

88%

69%

93%

85%

90%

Total used same REALTOR®

Total sold home

Total bought home


• The majority of those who used a REALTOR® were at least ‘somewhat’ satisfied overall with their representative, with those who used the same representative for both buying and selling expressing the highest level of satisfaction.

• Dissatisfaction is highest among those who used a different representative to sell their home, with 22% being dissatisfied in contrast to 5-6% of those using a different representative for buying their home or same representative for both.

• In the Fraser Valley, this pattern is not as evident.

• In comparison to the 2006 ratings in Greater Vancouver, the proportion ‘very’ satisfied has increased (up 4% to 9% depending on whether used the same or a different REALTOR®). However, among those who used a different representative to sell their home, a higher proportion were also dissatisfied (increasing from 17% to 22%)

74%

73%

68%

19%

13%

23% 3

3 6

3

5

5

2

Very satisfied Somewhat satisfied

Neither Somewhat satisfied

Very dissatisfied Don't know

Greater Vancouver

Fraser Valley

Total used same REALTOR®

Total sold home

Total bought home



48

Positive Reasons for Overall Satisfaction

• Those satisfied with their experience in Greater Vancouver reported that the representative ‘listened to me’, ‘was not pushy’, ‘showed suitable properties’, had good negotiating skills, and was ‘professional‘, ‘hard working’, ‘responsive’ and ‘honest’.


Greater Vancouver

Used same REALTOR®

(287)%

Totalbought home

(57)%

Totalsold home

(57)%

Positive comments

Listened to me/ not pushy/ very supportive/ helpful 28 26 14

Didn’t waste my time/ showed me suitable properties 22 7 2

Good negotiating skills/ got asking/ more than asking price

20 7 12

Very professional 19 23 19

Hard working 19 9 18

Smooth process/ no problems/ did a good job 18 21 4

Gut feeling/ compatibility/ liked them 15 9 4

Was very responsive/ available to answer questions 14 12 7

Seemed to be very honest/ had integrity 11 14 11

It was a very quick turnaround/ fast sale/ purchase 9 7 12

Did a good job satisfied with service 7 4 4

Took me to open houses 1 5 -

Q.17b) Why do you say that?


49

Positive Reasons for Overall Satisfaction

• Fraser Valley consumers tended to provide the same reasons for their positive experience.


Fraser ValleyUsed same REALTOR®

(132)%

Totalbought home

(62)%

Totalsold home

(62)%

Positive comments

Listened to me/ not pushy/ very supportive/ helpful 29 24 15

Didn’t waste my time/ showed me suitable properties 21 10 5

Hard working 19 24 28

Gut feeling/ compatibility/ liked them 17 8 3

Good negotiating skills/ got asking/ more than asking price 16 5 8

Smooth process/ no problems/ did a good job 14 8 20

Was very responsive/ available to answer questions 14 29 7

Seemed to be very honest/ had integrity 14 7 5

Very professional 11 10 15

Did a good job/ satisfied with service 5 18 15

Had an established personal relationship/ friend/ family member

5 - -

Took me to open houses 2 - -

Knowledgeable about financing 1 - -

Gave a discount on commission/ low commission 1 - -

It was a very quick turnaround/ fast sale/ purchase 11 - 10



50

Negative Reasons for Overall Satisfaction

• Lack of professionalism, a perception that the representative lacked honesty, and among those who used a different representative to sell their home, a lack of support and responsiveness, are the key reasons for dissatisfaction.


Greater Vancouver

Used same REALTOR®

(287)%

Totalbought home

(57)%

Totalsold home

(57)%

Negative comments

Not professional/ not hard working/ I did all of the work 4 5 2

Wasn’t very honest/ lack of integrity 3 2 7

Bad negotiating skills/ paid too much/ didn’t get asking price

2 5 -

Didn’t listen to me/ pushy/ not supportive/ not helpful 1 4 12

Took a long time to sell/ find a property 1 - -

Not very responsive/ not available to answer questions <1 4 7

Commission was too high <1 2 -

There were a lot of problems/ didn’t do a good job 2 2 19



51

Negative Reasons for Overall Satisfaction

• Lack of professionalism was one of the main reasons for dissatisfaction among Fraser Valley consumers.


Fraser Valley

Used same REALTOR®

(132)%

Totalbought home

(62)%

Totalsold home

(61)%

Negative comments

Not very responsive/ not available to answer questions 1 3 2

Didn’t listen to me/ pushy/ not supportive/ not helpful 1 3 3

There were a lot of problems/ didn’t do a good job 1 11 3

Bad negotiating skills/ paid too much/ didn’t get asking price

1 - -

Took a long time to sell/ find a property 1 - -

Not professional/ not hard working/ I did all of the work 4 8 5

Wasn’t very honest/ lack of integrity 2 3 3

Commission was too high - 2 5



52

Overall Value Provided by REALTOR® Relative to Fees Paid

• Almost nine-in-ten sellers believed they received at least ‘somewhat’ good value relative to the fees they paid, with half reporting to have received ‘very’ good value.

• Approximately one-in-ten in both regions rated the value as ‘not very’ or ‘not at all good’.

• In comparison to 2006 in Greater Vancouver, value ratings have strengthened. In 2006 80% rated the value ‘very’ or ‘somewhat’ good (now at 87%) whereas not good value ratings decreased from 17% to 10%.

Base: 2008 Total sold and used a REALTOR® Vancouver (n=428)Fraser Valley (n=222)

Q.18) Overall, how would you rate the value provided by your REALTOR® relative to the fees you paid?

50% 37% 87%

10%5 5

3%

Good value

Not good value

Don't know

51% 37% 88%

9%3 5

4%

Good value

Not good value

Don't know

Very good value Somewhat good valueNot at all good value Not very good value

Greater Vancouver

Fraser Valley


53

Most Valuable Services Provided by REALTOR®

• The most valuable services provided by their REALTOR® in Greater Vancouver include placing or negotiating offers, and identifying the most suitable neighbourhood.

• Consumers also value being taken to open houses, determining what they could afford, and help with paperwork.



Used same REALTOR®

(624)%

Totalbought home

(58)%

Totalsold home

(58)%

Helped to determine neighbourhoods and

communities best suited to needs23 26 3

Placing/ negotiating offers 28 17 22

Took to open houses 18 24 10

Helped with paperwork 15 22 7

Helped to determine what could afford 13 19 9

Don’t know 11 17 21

Q.19) What were the three most valuable services provided by your REALTOR®?IF USED TWO DIFFERENT REALTORS®: What were the three most valuable services provided by the REALTOR® that sold your home? What were the three most valuable services provided by the REALTOR® that bought your home?


54

Most Valuable Services Provided by REALTOR®


2008Fraser Valley

Used same REALTOR®

(321)%

Totalbought home

(62)%

Totalsold home

(62)%

Helped to determine neighbourhoods and

communities best suited to needs16 29 6

Placing/ negotiating offers 24 18 29

Took to open houses 24 18 3

Helped with paperwork 14 10 13

Helped to determine what could afford 10 10 6

Don’t know 19 21 29

Q.19) What were the three most valuable services provided by your REALTOR®?IF USED TWO DIFFERENT REALTORS®: What were the three most valuable services provided by the REALTOR® that sold your home? What were the three most valuable services provided by the REALTOR® that bought your home?

• Fraser Valley consumers tend to express the same opinions as Greater Vancouver buyers and sellers.


55

REALTOR® Explained Their Roles and Responsibilities

• Most report that their REALTOR® explained their roles and responsibilities to them with about one-in-ten or less believing they did not, with this level slightly higher among Greater Vancouver buyers who used a different representative to buy their home.

• In Greater Vancouver, the findings are similar to those found in 2006 except among those who used the same representative to buy and sell. A higher proportion in this year’s survey report to have had the roles and responsibilities explained (91% up from 86% in 2006).

Base: 2008 Total used a REALTOR® Vancouver (n=624), Fraser Valley (n=321)2008 Total used two different REALTORS®: to buy home Vancouver (n=58), Fraser Valley n=62), to sell home Vancouver

(n=58), Fraser Valley (n=62)

Q.20) Did your REALTOR® explain their roles and responsibilities?

Don't recall5%

Yes85%

No10%

Don't recall3%

Yes83%

No14%Don't recall

2%Yes91%

No7%

Total used same REALTOR®Total Bought Home


Total Sold Home

Don't recall3%

Yes90%No

7%

Don't recall5%

Yes89%

No6%

No7%

Don't recall3%

Yes90%

Total Bought Home Total Sold Home Total used same REALTOR®

Greater Vancouver

Fraser Valley


56

Aware of the Consumer Protection Available Through a REALTOR®

• Just over half claim to be aware of the consumer protection available through using a professional REALTOR® (with no change in the findings from 2006).

• First-time buyers are less inclined to be aware (44% aware overall).

Base: 2008 Vancouver (n=705)2008 Fraser Valley (n=395)

Q.21) Are you aware of the consumer protection available through using a professional REALTOR® such as Errors and Omissions Insurance, Real Estate Council for complaints and a special compensation fund?

Don't know2%

Yes52%

No45%

Don't know3%

Yes54%

No44%



57

Where First Learned About Home Bought

• A REALTOR® and MLS®® listings on the Internet are the most common ways consumers first learned about the home they bought, with the representative being a slightly more common source in the Fraser Valley.

• Note that in 2006 in Greater Vancouver, a REALTOR® tended to be the most common source and now vies with the Internet.

Base: 2008 Total bought Vancouver (n=631)Fraser Valley (=376)

Q.22a) Where did you first learn about the home you bought?


34%

12%

6%

5%

1%

34%

30%

4%

2%

0%

4%

2%

1%

1%

2%

<1%

REALTOR®

Driving/ cycling/ walking by

Open house

Word of mouth (friends, family, colleagues

For sale by owner ad or sign

Internet (net)

- MLS®®.ca

- Realtylink.org

- Other

- Real Estate company website

- Own website

Newspaper (net)

-Local newspaper

- The Real Estate Weekly

Miscellaneous

Don’t recall

40%

8%

2%

8%

1%

32%

30%

1%

2%

1%

1%

5%

3%

2%

0%

2%


58

How Marketed Home for Sale

• MLS®® listings on the Internet were most commonly used to market homes for sale, followed at some distance by REALTOR® client lists, open-houses and newspaper ads.

• There are no significant shifts from the 2006 survey.

Base: 2008 Total sold Vancouver (n=440)Fraser Valley (n=241)

Q.22a) How did you market your home for sale?

50%

41%

3%

2%

2%

2%

12%

9%

6%

5%

1%

1%

10%

7%

3%

0%

2%

4%

47%

44%

1%

1%

1%

3%

13%

4%

5%

6%

1%

1%

13%

5%

6%

1%

7%

<1%


Internet (net)

-MLS®®.ca

- Realtylink.org

-Own website

-Real Estate company website

- Other

Exclusive - REALTOR® had a list of clients

Open house

Yard sign

Word of mouth (friends, family, colleagues)

Flyers/ direct mail

For sale by owner ad or sign

Newspaper (net)

-Local newspaper

- The Real Estate Weekly

- Realtylink Newspaper

Miscellaneous

Don’t recall


59

Most Useful Source of Information About Homes for Sale

• The Internet, followed by a REALTOR® are the most useful sources of information about homes for sale.


Q.23) What was your most useful source of information about homes for sale?

60%

28%

3%

3%

4%

1%

1%

<1%

Internet

REALTOR®

Real Estate Weekly

Local newspaper

Yard signs

Daily newspaper

Other

Don't know

55%

30%

6%

4%

2%

1%

1%

<1%



60

Preferred Method of Receiving Information

• Email is the most commonly preferred method of receiving information by buyers who used a REALTOR®.

• Telephone calls and in-person are the next most preferred ways (except among seniors who tend to prefer these methods over e-mail).

Base: 2008 Total bought and used a REALTOR® Vancouver (n=600)Fraser Valley (n=355)

Q.24) How did you most like to receive information on homes for sale from your REALTOR®?

72%

26%

18%

2%

1%

1%

1%

2%

E-mail

Telephone call

In person

Fax

Mail

Text message

Don't know

60%

32%

25%

3%

1%

1%

1%

<1%


Not applicable/did the research myself

61

Financing


62

Source of Down Payment for Purchased Home

• Equity from the sale of a previous home, followed by personal savings are the most frequently reported sources of downpayment.

52%

34%

4%

3%

2%

1%

1%

2%

1%

1%

1%

1%

1%

6%

Equity from the sale of a previous home

Personal savings

Family (includes gift)

Equity from the sale of RRSPs

Gift (from non-family member)

Equity from the sale of otherinvestments (Bonds, GICs)

Financed/ refinanced/ short term loan

Line of credit

Inheritance

Equity form the sale of an investmentproperty

No downpayment

Equity from sale of a secondary homesuch as a cabin, cottage

Miscellaneous

Don’t knowBase: 2008 Total bought

Vancouver (n=631)Fraser Valley (n=376)

Q.25) What was the source of your down payment?

53%

33%

3%

2%

1%

2%

2%

2%

1%

1%

6%

<1%

<1%

<1%



63

Percentage of Purchase Price Financed

• An average of just over 50% of the purchase price was financed, this proportion being relatively consistent with 2006 findings in Greater Vancouver.

15%

5%

15%

15%

10%

18%

10%

12%

0%

1% to 24%

25% to 50%

51% to 74%

75%

76% to 90%

91% to 100%

Refused

Average = 55.5 %


Q.26) Approximately what percentage of the purchase price did you finance?

17%

4%

14%

13%

8%

16%

11%

16%

Average = 54.6 %



64

Finance Property Transfer Tax Payment

• Approximately 15% of buyers financed their property transfer tax with this level increasing to over 20% among Greater Vancouver buyers who have purchased a home valued over $500,000.

Base: 2008 Total Buyers Vancouver (n=631)Fraser Valley (n=376)

Q.27a) Did you have to finance your property transfer tax payment?


No73%

Not required to pay

4%

Yes16%

Don't know8%

No72%

Not required to pay

5%

Yes15%

Don't know8%


65

How Financed Property Transfer Tax Payment

• The most common way to finance the property transfer tax is through borrowing or taking a loan from their financial institution.

Base: 2008 Total buyers who financed property transfer tax paymentVancouver (n=98)Fraser Valley (n=58)

Q.27b) If yes, did you:

53%

28%

2%

13%

4%


Borrow it or take a loan from your financial institution

Take it out of your downpayment

Borrow it or receive it as a gift from your family, relatives

Other

Don't know

48%

36%

2%

12%

2%


66

Plan to Buy or Sell Within Next Five Years

• Approximately one -quarter (down from one-third in Greater Vancouver in 2006) intend to buy or sell a home or property in the next five years or so.

• The findings are correlated with age ranging from 39% of those 18-34 years of age to only 15% of those 65 years or over intending to make a purchase.

Base: 2008 Total Vancouver (n=705)Fraser Valley (n=395)

Q.29) Do you plan to buy or sell a home or property within the next five years?

Maybe/ unsure17%

Yes27%

No56%

Maybe/ unsure17%

Yes26%

No57%



67

Predictions for Future Prices

• The majority expect that prices will decrease in 2009. Approximately one-quarter believe they will stay the same and less than 10% predict an increase.

Base: 2008 TotalVancouver (n=705)Fraser Valley (n=395)

Q.30) Do you believe that prices will increase or stay the same in 2009?

63%

24%

8%

6%

Decrease

Stay the same

Increase

Don't know


57%

27%

10%

7%

68

Demographics


69

Demographic Profile

Key characteristics of buyers and sellers include:

• Approximately six-in-ten are female (note this may be due to a higher response rate among females than males in the survey).

• Buyers tend to be younger than sellers with just over half of buyers being less than 45 years of age whereas just over half of sellers are 45 years of age or over.

• The majority (over seven-in-ten) buyers and sellers are married or living common-law.

• Fraser Valley buyers and sellers are similar to Greater Vancouver consumers in these respects with the exception that they are slightly older than those found in Greater Vancouver.

• There are no significant shifts in Greater Vancouver from 2006.

2008

2006 Greater Vancouver Fraser Valley

TotalBuyers(978)

%

TotalSellers(556)

%

TotalBuyers(631)

%

TotalSellers(440)

%

TotalBuyers(376)

%

TotalSellers(241)

%GenderMale 40 37 42 43 48 44Female 60 63 58 58 52 56Age18 to 34 years 25 17 21 15 22 1435 to 44 years 32 29 33 31 29 2545 to 54 years 20 25 20 19 19 1755 to 64 years 12 15 14 17 16 2065 to 74 years 6 7 8 11 10 1575 or older 5 7 3 6 4 8Marital statusSingle 15 14 14 13 11 9Married or common-law 72 71 72 69 75 75Divorced 7 8 8 9 8 7

Widowed 5 7 5 8 5 8

continued…


70

Demographic Profile

• The average household size is just under three people (2.7-2.8) except note that Fraser Valley buyer households tend to be slightly larger (3.0).

• Close to 70% of buyers and 65% of sellers in Greater Vancouver have obtained a university degree or college diploma in contrast to about 50% of Fraser Valley buyers/sellers.

2008


TotalBuyers(978)

%

TotalSellers(556)

%

TotalBuyers(631)

%

TotalSellers(440)

%

TotalBuyers(376)

%

TotalSellers(241)

%# of people living in household1 19 18 18 22 14 162 33 36 30 29 36 443 21 18 21 18 13 94 18 17 19 19 20 175 or more 8 9 11 11 17 14

Average 2.7people

2.7people

2.8people

2.7people

3.0people

2.8people

EducationLess than grade 12 3 3 2 4 5 5Grade 12 graduation 10 11 9 10 21 21Technical or vocational school 6 6 7 7 9 7Some college or university 12 14 11 13 14 17University degree or college diploma 46 43 50 48 38 36

Post-graduate degree 23 21 19 17 13 13Refused 1 2 2 2 1 2

continued…


71

Demographic Profile (cont’d)

• A slightly higher proportion of buyers than sellers are employed. Also note that the employment rate is higher in Greater Vancouver than in the Fraser Valley area, with no significant change since 2006.

• Just under one-in-ten work from home and an equal size group do so at least part of the time.

• Approximately 13-14% in Greater Vancouver and 10-11% in Fraser Valley are self-employed.

• Only one-third of Greater Vancouver consumers were born in B.C. The proportion is slightly higher in the Fraser Valley (about 40%). Note the proportion in Greater Vancouver from China has decreased slightly since 2006 (3-4% down from 8%).


Totalbought(978)

%

Totalsold

(556)%

TotalBuyers(631)

%

TotalSellers(440)

%

TotalBuyers(376)

%

TotalSellers(241)

%Employment statusTotal employed (including self-employed) 75 72 76 69 68 61

- work from home 9 11 8 7 6 2- work outside home 57 52 60 55 54 47- both 9 9 9 8 7 8

Self employed na na 14 13 11 10Not working 8 6 8 7 12 10Retired 14 20 15 22 18 27Student 3 2 2 1 1 <1Place of birthBritish Columbia 30 32 34 38 40 42Other Canada 28 30 30 31 26 29Europe 15 16 12 12 13 17China 8 8 4 3 1 <1Philippines 4 3 3 1 2 <1United States 4 3 4 4 1 <1Middle East 3 1 3 1 1 -Africa 1 1 2 2 2 2Caribbean/Mexico/Central/South America 1 1 2 1 3 3Other Asia 2 2 1 1 1 1India/ Pakistan 1 1 2 1 6 2Other countries 2 1 1 1 1 4

continued…


72


• Buyers tend to be newer to the region than sellers.

• A language other than English is spoken in the homes of 15% of buyers in both regions and 10% of sellers in Greater Vancouver and 7% of sellers in the Fraser Valley, Punjabi being the most common alternate language in the Fraser Valley.

• Approximately 8% of households have extended family living with them.

2008

2006 Greater Vancouver Fraser ValleyTotal

bought(978)

%

Totalsold

(556)%

TotalBuyers(631)

%

TotalSellers(440)

%

TotalBuyers(376)

%

TotalSellers(241)

%# of years lived in RegionBorn in Region 17 18 21 26 21 21Less than 10 years 35 22 34 20 27 2210 - 29 years 29 34 24 27 28 2730 years or more 18 23 19 25 22 27Primary language spoken in homeEnglish 82 88 85 90 85 93Mandarin 4 3 2 2 <1 -Spanish - - 1 1 2 2Cantonese 2 3 1 1 - -Farsi 2 1 3 1 <1 -Tagalog 2 1 2 1 1 -French 1 1 1 2 1 1Korean 1 - 0 <1 1 -Punjabi <1 <1 <1 - 4 1Japanese <1 <1 <1 1 <1 1Other 5 2 4 2 5 3


73


• Greater Vancouver buyers and sellers report a range of household incomes, whereas Fraser Valley consumers are skewed towards those earning $90,000 or less per year.

2008


Totalbought(978)

%

Totalsold

(556)%

TotalBuyers(631)

%

TotalSellers(440)

%

TotalBuyers(376)

%

TotalSellers(241)

%Household incomeLess than $60,000 20 19 17 18 23 22$60,000 to less than $90,000 25 22 22 21 29 26$90,000 to less than $120,000 17 17 15 14 16 15$120,000 or more 19 21 24 23 12 14Refused 18 20 19 22 17 22

74

Questionnaire

REBG

V/FV

REB B

uyers/S

ellers Survey

Decem

ber 2

9, 2

008

Page 1

AS

K F

OR

MA

LE O

F F

EM

ALE H

EA

D O

F H

OU

SEH

OLD

Hello

, I’m _

__ o

f Mustel G

roup M

arket Research

, a pro

fessional research

firm. W

e are co

nductin

g a su

rvey on b

ehalf o

f the real E

state board

s of G

reater Van

couver an

d Fraser

Valley am

ong p

eople w

ho h

ave bou

ght o

r sold

pro

perty in

2008. Please b

e assured

we are n

ot

selling o

r solicitin

g an

ythin

g an

d all resp

onses are kep

t strictly confid

ential. W

e are interested

in

your exp

eriences in

the h

ousin

g m

arket to help

better serve yo

ur n

eeds.

Did

you b

uy o

r sell a hom

e or resid

ential p

roperty in

2008?

Bought an

d sold

Only b

ought

O

nly so

ld

IF

NO

EN

D IN

TER

VIE

W

How

man

y adults in

this h

ouseh

old

were in

volved

in th

e buyin

g an

d/o

r selling p

rocess? IF

MO

RE T

HAN

ON

E: In

ord

er to ran

dom

ize who w

e interview

, may I p

lease to sp

eak to th

e perso

n w

hose b

irthday is co

min

g u

p n

ext?

IF NO

T A

VAILA

BLE

, OBTAIN

GEN

DER A

ND

ARRAN

GE C

ALLB

ACK A

PPOIN

TM

EN

T

GEN

DER O

F SELE

CTED

IND

IVID

UAL

MALE

FEM

ALE

Persu

ad

ers—

on

ly if n

eed

ed

:

This is strictly an

opin

ion su

rvey; we are n

ot sellin

g o

r solicitin

g an

ythin

g.

Your n

um

ber w

as selected at ran

dom

for p

articipatio

n in

this research

from

listings o

f pro

perties recen

tly bought an

d so

ld, cro

ss referenced

again

st publish

ed telep

hone

listings.

The su

rvey is bein

g co

nducted

for th

e Real E

state Board

of G

reater Van

couver an

d th

e Fraser V

alley Real E

state Board

, not-for-p

rofit o

rgan

izations th

at represen

ts REALT

ORS®

. This stu

dy is im

portan

t as it will h

elp th

e org

anizatio

ns b

etter understan

d th

e need

s of

hom

e buyers an

d sellers.

All resp

onses are strictly co

nfid

ential an

d an

onym

ous; yo

ur id

entity is n

ever revealed

to an

yone else, in

cludin

g th

e client.

The su

rvey will take ap

pro

ximately 1

5 m

inutes to

com

plete d

epen

din

g o

n yo

ur

responses.

Contact: N

oreen D

avis: 604-7

30-3

048 o

r ndavis@

rebgv.o

rg

REBG

V/FV

REB B

uyers/S

ellers Survey

Decem

ber 2

9, 2

008

Page 2

Ch

ara

cteristics o

f Ho

me P

urch

ase

d/

So

ld

1.

IF BO

UG

HT: A

re you a first-tim

e hom

e buyer?

Yes

No

2.

IF BO

UG

HT: D

id yo

u b

uy a n

ew h

om

e or a resale?

N

ew

Resale

3.

IF BO

UG

HT N

EW

: Did

you p

urch

ase the h

om

e as a pre-sale o

r pre-co

mpletio

n?

4.

IF BO

UG

HT: W

hat typ

e of h

om

e did

you b

uy in

2006? R

EAD

IF NECESSARY

IF S

OLD

: What typ

e of h

om

e did

you sell in

2006? R

EAD

IF NECESSARY

detach

ed sin

gle-fam

ily duplex

tow

nhouse

condom

iniu

m ap

artmen

t in

-fill (gard

en co

ttage o

r coach

hou

se) m

obile/ m

anufactu

red h

om

e hotel strata u

nit PR

OBE: Fractio

nal sh

are or fu

ll ow

nersh

ip?

build

ing lo

t O

TH

ER: S

PECIFY

IF B

OU

GH

T O

R S

OLD

MO

RE T

HA

N O

NE P

RO

PER

TY

, REFER

TO

MO

ST R

EC

EN

T

PU

RC

HA

SE IN

20

06

FO

R R

EM

AIN

DER

OF Q

UES

TIO

NN

AIR

E

5.

IF BO

UG

HT: Is th

e hom

e you b

ought:

IF S

OLD

: Was th

e hom

e you so

ld:

yo

ur p

rincip

al residen

ce

a vacation h

om

e

an in

vestmen

t pro

perty

or a seco

nd h

om

e

OTH

ER: S

PECIFY

IF IN

VES

TM

EN

T P

RO

PER

TY

IN Q

.5 O

R B

UIL

DIN

G L

OT IN

Q.4

US

E T

ER

M

‘PR

OP

ER

TY

’ INS

TEA

D O

F H

OM

E F

OR

REM

AIN

DER

OF Q

UES

TIO

NN

AIR

E

REBG

V/FV

REB B

uyers/S

ellers Survey

Decem

ber 2

9, 2

008

Page 3

6.

IF BO

UG

HT: W

here is th

e hom

e you b

ought?

IF S

OLD

: Where is th

e hom

e you so

ld?

Gre

ate

r Van

cou

ver R

eal E

state

Bo

ard

Are

a:

Burn

aby

City o

f Van

couver

South

Delta, Lad

ner an

d T

saww

assen

Lio

ns B

ay

Map

le Rid

ge

N

ew W

estmin

ster

North

Van

couver

Pitt M

eadow

s,

Tri-cities (Po

rt Coquitla

m,Po

rt Moody, C

oquitlam

,Anm

ore, B

elcarra)

Rich

mond

W

est Van

couver

Bow

en Islan

d

G

ulf Islan

ds

Sunsh

ine C

oast (S

echelt, G

ibso

ns)

Squam

ish

Pem

berto

n

W

histler

Fra

ser V

alle

y R

eal E

state

Board

Are

a

Abbotsfo

rd

N

orth

Delta

Lan

gley

M

ission

Surrey

W

hite R

ock

Oth

er B

C

G

reater Victo

ria

O

ther V

anco

uver Islan

d: S

PECIFY

:_____________

O

ther B

C: S

PECIFY

: _________________

Oth

er C

an

ad

a

Alb

erta

M

anito

ba/S

askatchew

an

O

ntario

Queb

ec

Maritim

es

North

west T

erritories

Oth

er

U

nited

States

Euro

pe

H

ong K

ong

O

ther C

hin

a

Japan

Oth

er: SPE

CIFY

7.

How

man

y hom

es inclu

din

g vacatio

n an

d in

vestmen

t pro

perty d

o you

ow

n? (N

OTE: A

ny

where in

the w

orld

)

REBG

V/FV

REB B

uyers/S

ellers Survey

Decem

ber 2

9, 2

008

Page 4

8a.

IF BO

UG

HT: H

ow

much

did

you p

ay for yo

ur h

om

e? READ

RAN

GES

IF SO

LD: H

ow

much

did

you sell yo

ur h

om

e for? READ

RAN

GES

Less th

an

$5

00

,00

0

Is that:

Less than

$200,0

00

$200,0

00 to

less than

$300,0

00

$300,0

00 to

less than

$400,0

00

$400,0

00 or m

ore

$5

00

,00

0 to

less th

an

$1

millio

n

Is that:

Less than

$600,0

00

$600,0

00 to

less than

$700,0

00

$700,0

00 to

less than

$800,0

00

$800,0

00 to

less than

$900,0

00

$900,0

00 or m

ore

Mo

re th

an

$1

millio

n

Is that:

Less than

$1.2

millio

n

$1.2

to less than

$1.4

millio

n

$1.4

to less than

$1.6

millio

n

$1.6

to less than

$1.8

millio

n

$1.8

to less than

$2 m

illion

$2 m

illion o

r more

b.

IF BO

UG

HT: D

id yo

u p

ay less, more o

r about w

hat you

expected

to pay?

IF S

OLD

: Did

you sell yo

ur h

om

e for more, less o

r about w

hat yo

u exp

ected?

Decisio

n C

riteria

9.

IF SO

LD: W

hat w

ere your m

ain reaso

ns for sellin

g yo

ur h

ome? W

hat in

fluen

ced yo

ur

decisio

n to

sell?

IF B

OU

GH

T: W

hat w

ere your m

ain reaso

ns fo

r buyin

g a h

om

e? What in

fluen

ced yo

ur

decisio

n to

buy?

IF B

OTH

BO

UG

HT A

ND

SO

LD: W

hat w

ere your m

ain reaso

ns fo

r selling an

d b

uyin

g a

hom

e? What in

fluen

ced yo

ur d

ecision?

U

PSIZ

ING

DO

WN

SIZ

ING

WO

RK LO

CATIO

N C

HAN

GED

/BE C

LOSER T

O W

ORK

O

TH

ER: S

PECIFY

REBG

V/FV

REB B

uyers/S

ellers Survey

Decem

ber 2

9, 2

008

Page 5

10.

IF BO

UG

HT: W

hat w

ere the th

ree most im

portan

t factors yo

u co

nsid

ered in

selecting you

r n

eig

hb

ou

rho

od

loca

tion

? DO

NO

T R

EAD

LIST. PR

OBE: A

nyth

ing else? PR

OBE U

P TO

3

RESPO

NSES

CLO

SE T

O FA

MILY

/FRIE

ND

S

CLO

SE T

O W

ORK/ LE

SSEN

ED

CO

MM

UTE T

IME

CLO

SE T

O S

CH

OO

LS

Q

UALIT

Y O

F SCH

OO

LS

CLO

SE T

O PU

BLIC

TRAN

SIT

(INCLU

DES S

KYTRAIN

, BU

SES)

CLO

SE T

O A

MEN

ITIE

S S

UCH

AS S

HO

PS, G

RO

CERY S

TO

RES, M

ED

ICAL FA

CILIT

IES

CLO

SE T

O PA

RKS A

ND

GREEN

SPA

CE, IN

CLU

DIN

G T

RAILS

CLO

SE T

O R

ECREATIO

N FA

CILIT

IES

CLO

SE T

O FA

RM

LAN

D

CLO

SE T

O A

IRPO

RT

CLO

SE T

O W

ATER (S

TREAM

S, R

IVERS, LA

KES, O

CEAN

)

SAFE

TY/LE

SS C

RIM

E

LE

SSEN

ED

OR N

O N

EED

TO

USE V

EH

ICLE

(CAN

WALK

OR C

YCLE

)

OTH

ER S

PECIFY

11.

Did

you p

ay more fo

r your h

om

e to b

e closer o

r with

in w

alking d

istance to

such

amen

ities as p

ublic tran

sit, shops, an

d sch

ools?

12.

IF BO

UG

HT: A

part from

the p

rice, what w

ere the th

ree most im

portan

t factors yo

u

consid

ered in

selecting yo

ur h

om

e? D

O N

OT R

EAD

LIST PR

OBE: A

nyth

ing else? PR

OBE U

P TO

3 R

ESPO

NSES

SIZ

E: PR

OBE: U

PSIZ

ING

(MO

VIN

G T

O A

LARG

ER H

OM

E)

DO

WN

SIZ

ING

(MO

VIN

G T

O A

SM

ALLE

R H

OM

E)

STYLE

OF H

OM

E

NO

. OF B

ED

RO

OM

S

SECO

ND

ARY S

UIT

E IN

HO

ME

EN

VIR

ON

MEN

TAL/S

MART G

RO

WTH

/GREEN

(EN

ERG

Y E

FFICIE

NCY, D

ESIR

E FO

R S

MALLE

R

FOO

TPR

INT, C

LOSE T

O T

RAN

SIT

) IN

VESTM

EN

T PO

TEN

TIA

L O

TH

ER S

PECIFY

REBG

V/FV

REB B

uyers/S

ellers Survey

Decem

ber 2

9, 2

008

Page 6

13.

IF BO

UG

HT: W

hat ch

aracteristics of you

r hom

e or n

eighbou

rhood d

id yo

u co

mprom

ise in

ord

er to affo

rd yo

ur h

ome? D

O N

OT R

EAD

LIST

SIZ

E O

F HO

ME

CO

ND

ITIO

N O

F HO

ME

LO

T S

IZE/S

IZE O

F YARD

HIG

HER D

EN

SIT

Y N

EIG

HBO

URH

OO

D

D

ISTAN

CE FR

OM

WO

RK

D

ISTAN

CE FR

OM

SCH

OO

LS

Q

UALIT

Y O

F SCH

OO

LS

D

ISTAN

CE FR

OM

FRIE

ND

S/FA

MILY

OTH

ER: S

PECIFY

DID

NO

T M

AKE A

NY C

OM

PRO

MIS

ES

Th

e H

om

e S

earch

Pro

cess

14a.

IF BO

UG

HT: D

id yo

u u

se a REALT

OR®

to b

uy yo

ur h

om

e?

IF SO

LD: D

id yo

u u

se a REALT

OR®

to sell yo

ur h

om

e?

Yes

N

o

IF D

ID N

OT U

SE A

REALT

OR®

SKIP

TO

Q.2

1

b.

IF BO

TH

BO

UG

HT A

ND

SO

LD A

ND

USED

REALT

OR®

FOR B

OTH

ASK: D

id yo

u u

se the

same realto

r to b

oth

buy an

d sell yo

ur h

om

e?

Yes

N

o

c. IF N

O: W

hy d

id yo

u u

se a differen

t REALT

OR®

?

d.

IF BO

UG

HT: D

id yo

u w

ork exclu

sively with

one R

EALT

OR®

to p

urch

ase your h

om

e?

Yes

No

e. IF B

OU

GH

T: W

ould

you sig

n a con

tract to w

ork w

ith o

nly on

e REALT

OR®

thro

ughout th

e en

tire hom

e buyin

g p

rocess?

Yes

N

o

REBG

V/FV

REB B

uyers/S

ellers Survey

Decem

ber 2

9, 2

008

Page 7

15.

Where d

id yo

u first learn

about th

e REALT

OR®

that h

elped

you b

uy an

d/o

r sell your

hom

e? DO

NO

T R

EAD

LIST

PR

OM

OTIO

NAL A

DVERTIS

EM

EN

T (e.g

. CALE

ND

AR, PE

N O

R FR

IDG

E M

AG

NET)

M

ED

IA A

DVERTIS

EM

EN

T (e.g

., NEW

SPA

PER A

DVERTIS

EM

EN

T)

BU

SIN

ESS O

R C

OM

MU

NIT

Y E

VEN

T (e.g

., CH

AM

BER O

F CO

MM

ERCE, R

OTARY C

LUB,

BO

ARD

OF T

RAD

E)

D

IRECT M

AIL (e.g

., BU

SIN

ESS C

ARD

, BRO

CH

URE, FLY

ER)

FO

R S

ALE

SIG

N

IN

TERN

ET W

EB S

ITE

O

PEN

HO

USE V

ISIT

REFE

RRAL PR

OBE: Frien

d/fam

ily mem

ber o

r oth

er REALT

OR®

REPU

TATIO

N

PR

EVIO

USLY

USED

SAM

E R

EALT

OR®

TO

BU

Y O

R S

ELL A

HO

ME

W

ALK

ED

INTO

A R

EAL E

STATE O

FFICE A

ND

TH

E R

EALT

OR®

WAS O

N D

UTY

YELLO

W PA

GES

O

TH

ER: S

PECIFY

16.

What w

ere the m

ost im

portan

t qualities an

d skills in

choosin

g you

r REALT

OR®

? DO

NO

T

READ

LIST

IF U

SED

TW

O D

IFFEREN

T R

EALT

ORS®

: What w

ere the m

ost im

portan

t qualities an

d skills

in ch

oosin

g yo

ur R

EALT

OR®

to sell yo

ur h

om

e? DO

NO

T R

EAD

LIST

W

hat w

ere the m

ost im

portan

t qualities an

d skills in

choosin

g you

r REALT

OR®

to b

uy yo

ur

hom

e? DO

NO

T R

EAD

LIST

H

ON

ESTY, IN

TEG

RIT

Y A

ND

ETH

ICAL B

EH

AVIO

UR/ FA

IR

KN

OW

LED

GE O

F TH

E LO

CAL A

REA

KN

OW

LED

GE O

F TH

E M

ARKET A

ND

CO

MPA

RABLE

HO

MES FO

R S

ALE

KN

OW

LED

GE O

F TH

E PR

OCESS O

F BU

YIN

G A

HO

ME

TECH

NO

LOG

Y S

KILLS

NEG

OTIA

TIN

G S

KILLS

KN

OW

LED

GE A

BO

UT FIN

AN

CIN

G

RESPO

NSIV

EN

ESS

O

TH

ER: S

PECIFY

17a.

Overall h

ow

satisfied w

ere you w

ith you

r REALT

OR®

?

IF U

SED

TW

O D

IFFEREN

T R

EALT

ORS®

: Overall h

ow

satisfied w

ere you w

ith th

e REALT

OR®

you u

sed to sell yo

ur h

om

e?

Overall h

ow

satisfied w

ere you w

ith th

e REALT

OR®

you u

sed to b

uy a h

om

e?

Very satisfied

Som

ewhat satisfied

Neith

er satisfied n

or d

issatisfied

Som

ewhat d

issatisfied

Very d

issatisfied

b.

Why d

o you

say that? PR

OBE FU

LLY

18.

IF SO

LD H

OM

E: O

verall, how

would

you rate th

e value p

rovid

ed b

y your realto

r relative to

the fees you

paid

? READ

SCALE

REBG

V/FV

REB B

uyers/S

ellers Survey

Decem

ber 2

9, 2

008

Page 8

Very g

ood valu

e

Som

ewhat g

ood valu

e

Not very g

ood valu

e

Not at all g

ood valu

e

19.

What w

ere the th

ree most valu

able services p

rovid

ed b

y your R

EALT

OR®

?DO

NO

T R

EAD

LIS

T

IF U

SED

TW

O D

IFFEREN

T R

EALT

ORS®

: What w

ere the th

ree most valu

able services

pro

vided

by th

e REALT

OR®

that so

ld yo

ur h

ome? D

O N

OT R

EAD

LIST

W

hat w

ere the th

ree most valu

able services p

rovid

ed b

y the R

EALT

OR®

that b

ought you

r hom

e? DO

NO

T R

EAD

LIST

H

ELPE

D T

O D

ETERM

INE W

HAT C

OU

LD A

FFORD

HELPE

D T

O D

ETERM

INE N

EIG

HBO

URH

OO

DS A

ND

CO

MM

UN

ITIE

S B

EST S

UIT

ED

TO

NEED

S

H

ELPE

D W

ITH

PAPE

RW

ORK

TO

OK T

O O

PEN

HO

USES

PLA

CIN

G/N

EG

OTIA

TIN

G O

FFERS

REVIE

WED

SALE

S/C

ON

TRACTS O

F PURCH

ASE

CO

ORD

INATED

APPR

AIS

AL, H

OM

E IN

SPE

CTIO

N

ATTEN

DED

CLO

SIN

G

STAG

ING

OTH

ER: S

PECIFY

20.

Did

your R

EALT

OR®

explain

their ro

les and resp

onsib

ilities?

IF U

SED

TW

O D

IFFEREN

T R

EALT

ORS®

: Did

the R

EALT

OR®

that so

ld yo

ur h

om

e explain

th

eir roles a

nd resp

onsib

ilities?

Did

the R

EALT

OR®

that b

ought yo

ur h

om

e explain

their ro

les and resp

onsib

ilities?

REBG

V/FV

REB B

uyers/S

ellers Survey

Decem

ber 2

9, 2

008

Page 9

21.

Are yo

u aw

are of th

e consu

mer p

rotectio

n availab

le thro

ugh u

sing a p

rofessio

nal

REALT

OR®

such

as errors an

d o

missio

ns in

suran

ce, real estate council fo

r com

pla

ints an

d

a special co

mpen

sation fu

nd?

Yes

N

o

22.

IF BO

UG

HT: W

here d

id yo

u first learn

about th

e hom

e you b

ought? D

O N

OT R

EAD

LIST

IF S

OLD

: How

did

your R

EALT

OR®

market you

r hom

e for sale? D

O N

OT R

EAD

LIST

N

EW

SPA

PER: PR

OBE: M

ajor D

aily New

spap

er (e.g., V

anco

uver S

un)

Local N

ewsp

apers (e.g

., Burn

aby N

ow

,N

orth

Shore N

ews,

Rich

mond R

eview, W

est Ender)

The R

eal Estate W

eeklyRealtylin

k New

spap

er

FLYERS/D

IRECT M

AIL

D

RIV

ING

/CYCLIN

G/W

ALK

ING

BY

IN

TERN

ET: P

RO

BE:

MLS

.Ca

Realtylin

k.Org

Real E

state Com

pan

y Web

site

O

wn w

ebsite

Oth

er: SPECIFY

YARD

SIG

N

O

PEN

HO

USE

FO

R S

ALE

BY O

WN

ER A

D O

R S

IGN

WO

RD

OF M

OU

TH

(FRIE

ND

S, FA

MILY

, CO

LLEAG

UES)

RELO

CATIO

N C

OM

PAN

Y

IF B

OU

GH

T: R

EALT

OR®

IF SO

LD: E

XCLU

SIV

E- R

EALT

OR®

HAD

LIST O

F CLIE

NTS

O

TH

ER: S

PECIFY

23.

IF BO

UG

HT: W

hat w

as your m

ost u

seful so

urce o

f info

rmatio

n ab

out h

om

es for

sale? READ

LIST IN

RAN

DO

M O

RD

ER

REALT

OR®

Intern

et

Daily n

ewsp

aper

Lo

cal new

spap

er

Real E

state Weekly

Yard

signs

O

ther: S

PECIFY

REBG

V/FV

REB B

uyers/S

ellers Survey

Decem

ber 2

9, 2

008

Page 1

0

24.

IF BO

UG

HT: H

ow

did

you m

ost like to

receive info

rmatio

n o

n h

om

es for sale fro

m yo

ur

REALT

OR®

?

telep

hone call

fax

em

ail

text messag

e

in p

erson

O

ther S

PECIFY

Fin

an

cing

25.

IF BO

UG

HT: W

hat w

as the sou

rce of yo

ur d

ow

n p

aymen

t? READ

IF NECESSARY

eq

uity fro

m th

e sale of a p

revious h

om

e

equity fro

m sale o

f a secondary h

ome su

ch as a cab

in, co

ttage

eq

uity fro

m th

e sale of an

investm

ent p

roperty

eq

uity fro

m th

e sale of b

onds, G

ICs, R

RSPs

fam

ily (inclu

des g

ift)

gift (fro

m n

on-fam

ily mem

ber)

in

heritan

ce

sale of assets su

ch as a car, art, jew

ellery

win

nin

gs fro

m g

amin

g (lo

tteries, casino, h

orse races)

savin

gs

26.

IF BO

UG

HT: A

ppro

ximately w

hat p

ercentag

e of th

e purch

ase price d

id yo

u fin

ance?

27a. D

id you have to finance your Property Transfer Tax paym

ent? YesN

o S

KIP

TO Q

.28

b. D

id you:

take it out of your down paym

ent

borrow it or take a loan rom

your financial institution or from your line of credit

borrow

it or receive it as a gift from your fam

ily, relatives or friends.

REBG

V/FV

REB B

uyers/S

ellers Survey

Decem

ber 2

9, 2

008

Page 1

1

c. If borrow

ed, did this affect your CM

HC

mortgage insurance costs?

YesN

o N

/A

If yes, please explain how. ___________________

Fu

ture

Pla

ns

29.

Do you

plan

to b

uy o

r sell a hom

e or p

roperty w

ithin

the n

ext five years?

Yes

N

o

M

AYBE/U

NSU

RE

30.

Do you

believe th

at prices w

ill increase, d

ecrease or stay th

e same in

2009?

Dem

og

rap

hics

And, I h

ave just a few

more q

uestio

ns fo

r classification p

urp

oses…

A.

Into

which

of th

e follo

win

g ag

e categories d

o yo

u fall?

18 to

24 years

25 to

34 years

35 to

44 years

45 to

54 years

55 to

64 years

65 to

74 years

75 to

84 years

85 years o

r old

er

B.

What is yo

ur m

arital status?

Sin

gle

m

arried o

r com

mon law

divo

rced

w

idow

ed

REBG

V/FV

REB B

uyers/S

ellers Survey

Decem

ber 2

9, 2

008

Page 1

2

Ci.

How

man

y peo

ple in

cludin

g yo

urself live in

this h

ouseh

old

?

N

o._

_

ii. IF M

ORE T

HAN

ON

E:

H

ow

man

y are:

Under 1

0 years o

f age

10 to

17 years o

f age

18 years o

f age o

r over

iii. IF T

WO

OR M

ORE A

DU

LTS A

SK: D

o you h

ave any exten

ded

family livin

g w

ith yo

u?

Yes

N

o

D.

What is th

e hig

hest level o

f educatio

n you

have h

ad th

e opportu

nity to

com

plete? (R

EA

D)

Less than

Grad

e 12

Grad

e 12 g

raduatio

n

Tech

nical o

r vocatio

nal sch

ool

Som

e colleg

e or u

niversity

University d

egree o

r colleg

e dip

lom

a

Post-g

raduate d

egree

E.

Are yo

u cu

rrently: (R

EA

D L

IST)

Em

plo

yed: PR

OBE: D

o yo

u ten

d to

work fro

m h

om

e or o

utsid

e the h

om

e?

Self em

plo

yed PR

OBE: D

o you

tend to w

ork fro

m h

om

e or o

utsid

e the h

om

e?

Not w

orkin

g

Stu

den

t

Retired

REBG

V/FV

REB B

uyers/S

ellers Survey

Decem

ber 2

9, 2

008

Page 1

3

Fi. D

ELE

TE? W

here w

ere you b

orn

?

Van

couver

Bow

en Islan

d

G

ulf Islan

ds

Sunsh

ine C

oast (S

echelt, G

ibso

ns)

Squam

ish

Pem

berto

n

W

histler

SKIP T

O Q

.G IF A

NSW

ER A

NY O

F TH

E A

BO

VE

O

ther B

C

O

ther C

anad

a

United

States

Chin

a

Japan

Korea

In

dia

O

ther S

PECIFY

ii.

DELE

TE? H

ow

long h

ave you lived

in th

is area of B

C?

G.

What is th

e prim

ary languag

e spoken

in you

r hom

e?

English

French

Can

tonese

M

andarin

Japan

ese

Korean

Punjab

i

Oth

er SPE

CIFY

REBG

V/FV

REB B

uyers/S

ellers Survey

Decem

ber 2

9, 2

008

Page 1

4

Hi.

Which

of th

e follo

win

g categ

ories b

est describ

es your to

tal annual h

ouseh

old

inco

me

befo

re taxes?

Less th

an

$6

0,0

00

Is that:

Less than

$45,0

00

$45,0

00 o

r more

$6

0,0

00

to le

ss than

$9

0,0

00

Is that:

less that $

75,0

00

$75,0

00 o

r more

$9

0,0

00

or m

ore

Is that:

$90,0

00 to less th

an $

105,0

00

$105,0

00 to

less than

$120,0

00

$120,0

00 or m

ore

ii.

IF MO

RE T

HAN

ON

E H

OU

SEH

OLD

MEM

BER: H

ow m

any in

com

e earners are th

ere in

this h

ouseh

old

?

Than

k you. T

hat co

mpletes o

ur su

rvey.

In case m

y superviso

r may w

ish to verify th

is survey, m

ay I please h

ave your first n

ame o

r in

itial?

____